ENR stuck within tight trading range
Energizer Holdings Inc. (ENR) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, ENR finished the week -2.76% lower at 51.47 after losing $0.38 (-0.73%) today, underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. The bears were in full control today, moving the market lower throughout the whole session. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (ENR as at Feb 14, 2020):
Friday's trading range has been $0.58 (1.12%), that's below the last trading month's daily average range of $1.42. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ENR. Prices continued to consolidate within a tight trading range between 51.41 and 52.85 where it has been caught now for the last three trading days.
Two candlestick patterns are matching today's price action, the Bearish Short Candle and the Black Candle which are both known as bearish patterns. The last time a Bearish Short Candle showed up on December 23, 2019, ENR actually gained 0.55% on the following trading day.
Prices are trading close to the key technical support level at 51.14 (S1). Energizer Holdings found buyers again today around 51.41 for the third trading day in a row after having found demand at 51.43 in the prior session and at 51.46 two days ago.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. Its common bullish interpretation has been confirmed for Energizer Holdings. Out of 580 times, ENR closed higher 51.72% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 57.93% with an average market move of 0.77%.